Italy's Campari is ready to pursue large acquisitions to stay ahead in a consolidating spirits industry, Chief Executive Bob Kunze-Concewitz said in a newspaper interview on Saturday.
FILE PHOTO: Campari bottles are seen in a bar downtown Milan, Italy, September 4, 2018. Picture taken September 4, 2018. REUTERS/Stefano Rellandini/File Photo
“The world of spirits is consolidating quickly and we’re ready for even much bigger deals than we’ve completed so far ... in the future we’ll need to conduct important operations,” Kunze-Concewitz told Italian daily la Repubblica.Campari last week announced it had it had entered exclusive negotiations with privately-owned French company SARL FICOMA to buy 80% of the Lallier champagne brand founded in 1906 in the town of Ay.
Kunze-Concewitz said it was too early to provide any figures on the impact of the coronavirus pandemic which is hurting the group’s aperitif business due to shutdown of bars and restaurants, especially in Italy where they account for 50-60% of local sales.
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